Be a Jubilant Cashback Queen

CHESTER, England, May 28, 2012 /PRNewswire/ --

Save up to £375* a year on cashback purchases

HM The Queen could earn a staggering £375,000 by putting annual spending on plastic

In the lead up to the Jubilee celebrations, MoneySupermarket calculated Her Majesty The Queen could generate a whopping £375,000 a year if she were to put her £32 million annual household expenditure** on a cashback credit card.

However; it is not just The Queen that can enjoy the royalties of a cashback card; shoppers can make big savings when considering a reward credit card for their purchases. For example, Brits spending £1,000 a month on the American Express Platinum Card (which offers five per cent cashback on up to £2,000 of purchases in the first three months, and 1.25 per cent cashback on everything bought after three months) could gain an extra £225 cash back in a year, increasing to £375 a year when spending £2,000.*

Alternatively, if you are a keen traveller you may benefit more from the American Express British Airways Card which gives you air mile points on spending. It offers 1,000 bonus Avios air mile points when you spend £500 in the first three months, and one point for every pound subsequently. Royal travel expenditure could benefit too- the £6million** spent on travel by The Queen in a year would generate six million Avios air mile points - enough for 11 First Class return flights to one of the furthest Commonwealth countries, New Zealand- or 33 return flights if traveling economy!

Kevin Mountford, head of banking at MoneySupermarket.com, said: "As a summer of celebrations approach with the Diamond Jubilee and the Olympics, Brits may be looking for ways to feel jubilant about their own finances. Those who use a credit card for spending could make a right royal saving by considering a reward card with a broad range of incentives on offer, including cashback, air miles and loyalty club points. For those who pay off their debt in full each month using a cashback and reward card is a no brainer."

In addition to cashback, there are also a number of cards designed to give shoppers benefits from their weekly grocery or fuel shop- The Tesco Clubcard Credit Card at 16.9 per cent APR for example offers zero per cent on balance transfers for eighteen months or zero per cent on purchases for sixteen months. In addition, points accrued from shopping and petrol are rewarded with five points for every £4 spent in Tesco or one point if spent elsewhere. Whereas NatWest's Your Points MasterCard has a slightly higher APR of 17.9 per cent but offers zero per cent on purchases for eighteen months and has a points system for every pound spent, which can be used towards flights, holidays and even on certain brands such as M&S, Boots and Amazon.

Kevin Mountford continued: "Those looking to use a reward card should shop around first and consider the best card for their own circumstances. If you are a regular shopper it makes sense to look at a card which gives you money off your next shop, or a frequent traveller may benefit more from a card with air mile points for example. Many schemes are tied in to certain retailers and purchase types, and if you don't use them regularly in the right place your card will become redundant.

"Anyone thinking about taking out a reward card needs to ensure they are can pay off the full balance each month, ideally by a direct debit, to avoid getting stung by interest charges. However, if you intend not to repay your debt in full each month then I would recommend you should avoid reward cards and opt for a card with a lower interest rate instead."

Rewards calculated as follows when using an American Express Platinum Cashback card. (In addition, for the thirteenth month of every year the card awards double cashback of 2.5 per cent back on purchases)

5% cashback up to £2000 for the first three months= 5% x £2,000 = £100

1.25% x £30,000,000 = £375,000

Total = £375,100

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